SoFi Member Investor Profiles: ‘The More You Save, the More Your Money Can Grow’
SoFi Member Aaron Carreno had a really ambitious goal when he started investing: to save two full years’ worth of retirement income by the time he reached 35. To get there, Aaron, a project manager in Madison, WI, not only had to teach himself how to invest — but how to be a mad saver.
Aaron’s Investing Story
Even more important, Aaron recognized that when you’re focused on a goal that matters to you, it makes sense to explore a range of investing tools and apps (technology just keeps getting smarter), and loop in a specialist when you need one. Here’s how Aaron got on track to reach his goals.
It started with a windfall.
I made my first investment when I got some extra money from a family inheritance. This was years ago, but I knew I wanted to get a start on my retirement. Since this was money I didn’t have to touch, I decided to invest in my future.
When you have a big goal, get help.
It can sometimes be tricky to pick investments, so I lean on financial advisors to help guide me through the process. It makes a big difference.
Learn from other people’s big wins.
When my dad showed me how his investments had grown over time, that really got me inspired. Thanks to him, I started learning on my own.
Be disciplined about saving.
One of the best pieces of advice I got was to save at least 15% of my paycheck. You won’t regret it. Why? Compound interest! The more you invest, the more your money can grow — and you see how it helps your goals.
Set yourself up for a healthy retirement.
I also contribute to my retirement plan at work. With that account, I set it up so I’d get the match from my employer. Also, I set up annual contribution increases, so I’m saving more every year automatically. I don’t even have to think about it.
Watch out for fees.
There are no SoFi management fees, but there can be fees associated with different investments and different kinds of accounts. Always make sure you’re paying as little as possible, so you can keep more of what you earn.
I’m proud of what I’ve achieved.
By age 35, my goal was to hit an amount that’s twice the annual income I’m hoping for in retirement. I’ve succeeded!
If you haven’t started investing yet, start now!
No matter what your financial plan is, or what goals you’re setting for yourself, take a minute to step back and look around at all your options. As Aaron can tell you, the days when investors had to figure everything out on their own are over. Technology is on your side. And so is making progress the old-fashioned way: by embracing good habits like saving regularly (and setting up automatic savings increases to your 401(k) account).
Put yourself on the path to success by opening a SoFi Invest® account, getting complimentary financial planning advice, and learning about different tools and investments that can help you achieve your aims.
SoFi Member responses are from the SoFi Ambassador survey, conducted in July 2021. All responses are published with the permission of the SoFi Member, and have been edited for grammar and clarity by SoFi editors. SoFi Ambassadors earn rewards for participating in the Ambassador Program.
The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results.
Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal. Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A.
Advisory services are offered through SoFi Wealth, LLC an SEC-registered Investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at adviserinfo.sec.gov.
If you invest in Exchange Traded Funds (ETFs) through SoFi Invest (either by buying them yourself or via investing in SoFi Invest’s automated investments, formerly SoFi Wealth), these funds will have their own management fees. These fees are not paid directly by you, but rather by the fund itself. these fees do reduce the fund’s returns. Check out each fund’s prospectus for details. SoFi Invest does not receive sales commissions, 12b-1 fees, or other fees from ETFs for investing such funds on behalf of advisory clients, though if SoFi Invest creates its own funds, it could earn management fees there.